企业跨国并购的风险分析及防范策略摘要跨国并购隐藏着各种各样风险。其中，风险是各种并购风险在价值量上的综合反映，是企业并购成功与否的重要影响因素。跨国并购的风险是企业由于并购而涉及的各项活动引起的企业状况恶化或损失的不确定性。企业跨国并购面临更加复杂的经营环境，跨国并购的风险比国内并购要大。跨国并购的四种风险的特点，来源和形成阶段各不相同，具体表现在以下几个方面：目标价值评估风险主要来源于并购前对于目标企业的价值评估失败而引起的；融资风险是企业并购过程中筹集并购费用没有恰当选择筹资方式和筹资结构不合理引起的；支付风险是企业在并购中选择支付方式不当造成的；杠杆并购的偿债风险是并购前对自身评估不足，企业负债比例过高，以致经营过程中不足以支付债务本金和利息而引起的。解决各种风险类型的防范策略主要有：目标价值评估风险要做好并购前的识别和有效管理;对于融资风险，企业要选择恰当的融资方式，科学运用“优先排序”理论，使企业综合资本结构最优化;对于支付风险，企业要严格编制资金预算，恰当选择各种支付方式特别是对混合支付方式的运用，合理安排支付时间;对于LBO并购的偿债风险，企业要根据企业自身的实际特点，调整企业的资本结构，选择企业可以承受的融资方案。企业跨国并购的未来发展趋势是并购越来越倾向战略并购。关键词:跨国并购,风险,风险分析,风险防范ABSTRACTTransnationalm&ahideallkindsofrisk.Amongthem,thefinancialriskisallsortsofm&ariskinvalue,isthecomprehensivereflectionofm&aimportantinfluencefactorsofsuccess.Thefinancialriskofthetransnationalmergerandacquisitionisduetotheenterpriseinvolvedcausedthefinancialactivitiesofenterprisefinancialdeteriorationorfinanciallossofuncertainties.Enterprisetransnationalm&afacemorecomplexbusinessenvironment,thefinancialriskofthetransnationalmergerandacquisitionthandomestic.Fourkindsoftransnationalm&afinancialriskcharacteristics,sourceandformingstageseacharenotidentical,embodiedinthefollowingaspects:thetargetvalueappraisalriskmainlycomesfrombeforetheacquisitionofthetargetenterprisevalueappraisalforfailureandcause;Financingriskisenterprisemergeracquisitionprocessofappropriatechoiceexpensesnotraisefinancingwaysandfinancingstructurecausedbyunreasonable;Paymentriskistheenterpriseinm&aimproperchoosepayment;Leveragedacquisitiondebtriskisbeforetheacquisitionoftheirownassessmentisinsufficient,enterpriseliabilitieshighproportion,sothatthemanagementprocessisnotenoughtopayforfinancingprincipalandinterestandcause.Solvevariousfinancialrisktypeofpreventivestrategymainlyhas:thetargetvalueappraisalrisktodobeforetheacquisitionofrecognitionandeffectivemanagement;Theriskforfinancing,theenterprisesmustchooseappropriatescientificuseoffinancing,prioritize"theory",makeenterprisecomprehensivecapitalstructureoptimization;Forpaymentrisk,theenterprisemuststrictlypreparecapitalbudget,appropriatechoiceofvariouspayment,especiallytheuseofhybridpayment,arrangepaymenttime;TheriskfordebtLBOmerger,theenterprisesmustaccordingtoenterpriseownactualcharacteristic,adjustenterprise'scapitalstructure,chooseenterprisecanwithstandfinancingplan.Enterprisetransnationalm&atrendoffuturedevelopmentisincreasinglylikelythatstrategicacquisitionsmerger.Keywords:transnationalM&Afinancialriskriskanalysisrisksprevention目录前言................................................6第一章企业跨国并购的风险概述......61.1企业跨国并购的现状................................................................................71.2企业跨国并购的风险类型........................................................................71.2.1跨国并购中的系统风...
